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Morgan Creek Digital announced its goal of raising up to $500 million for a new web3 fund. The firm will focus on early-stage opportunities in artificial intelligence (AI), blockchain technologies, chips and data.
Morgan Creek Digital plans to expand its regional footprint in Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC). The firm is holding meetings with sovereign and institutional investors, company officials and industry experts in these regions. It is also in contact with US-based investors and partners.
The firm predicts that EMEA and APAC will be the leaders of the technology in the future, significantly increasing their investments in AI and blockchain. “With Web3’s global reach, MCD will spend more time in international markets to connect with top CEOs and partners,” said Mark Yusko, General Partner at Morgan Creek Digital.
The new fund will invest in Web3’s “ABCDs” – companies that aim to extract value from data by combining the power of artificial intelligence, blockchain technology and related chips. The firm prefers to invest in industry-cutting technologies, such as high-performance chips that can be used in AI training or bitcoin mining.
The firm predicts that APAC countries will almost triple their generative AI investments to $3.4 billion in 2024, and EMEA digital budgets could increase by 40% for AI, generating an additional $30 billion in net investment by 2025. “The Middle East in particular is experiencing a renaissance with new advanced technology,” Yusko said.
Morgan Creek Digital has raised over $440 million in funding since 2018 and has approximately 80 equity positions. This new fund reflects the firm’s goals of becoming a leader in technological innovation and expanding global investment opportunities.
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